Core Viewpoint - The PCB sector in A-shares is experiencing a strong upward trend driven by the explosive growth of AI applications, with significant performance improvements expected in the industry [1][3]. Group 1: Industry Performance - As of January 21, 2026, the PCB sector index has seen a cumulative increase of over 8% since the beginning of the year, with a daily rise of 3.77% on January 21 [1][4]. - The demand for high-end circuit boards, particularly HDI and high-layer boards, is being driven by the rapid penetration of AI servers and smart driving technologies [3]. - The global PCB market is projected to grow by approximately 5.8% in 2024 and 6.8% in 2025, reaching an estimated value of about $94.661 billion by 2029, with a compound annual growth rate of around 5.2% [3]. Group 2: Financial Performance - As of January 20, 2026, PCB concept stocks have seen a net financing inflow of 1.674 billion yuan, with nine stocks, including Xingsen Technology and Yongda Photonics, having net purchases exceeding 100 million yuan [4]. - Among nearly 50 PCB stocks in A-shares, 37 companies reported year-on-year profit growth or reduced losses in the first three quarters of 2025, indicating a strong recovery in the industry [4]. - Jin'an Guoji expects a net profit of 280 million to 360 million yuan for 2025, representing a year-on-year increase of 655.53% to 871.40%, driven by improved market conditions and optimized product structure [5]. Group 3: Company Developments - Shenghong Technology anticipates a net profit of 4.16 billion to 4.56 billion yuan for 2025, reflecting a year-on-year growth of 260.35% to 295%, supported by large-scale production in AI computing and data center sectors [5]. - Shenzhen South Circuit achieved a net profit of 2.326 billion yuan in the first three quarters of 2025, setting a record for annual net profit since its listing, and is actively expanding production capacity [6]. - The entire PCB supply chain is benefiting, with Inno Laser reporting nearly 90 million yuan in orders for PCB forming equipment since 2025, indicating a prosperous industry landscape [6].

英诺激光科技股份有限公司 关于持股5%以上股东减持股份触及1%整数倍的公告 大股东宿迁红粹企业管理合伙企业（有限合伙）保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 英诺激光科技股份有限公司（以下简称"英诺激光"或"公司"）于 2025 年 12 月 25 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于持股 5%以上股东减 持股份的预披露公告》（2025-078）显示：大股东宿迁红粹企业管理合伙企业 （有限合伙）（以下简称"红粹投资"）持有公司股份数量为 27,981,468 股，占 公司当时扣除回购账户后总股本 118.47%。红粹投资计划于 2026 年 1 月 20 日至 2026 年 4 月 19 日减持公司股份不超过 4,544,876 股，不超过公司当时扣除回购账 户后总股本的 3%。其中，以集中竞价的方式减持公司股份不超过 1,514,900 股， 不超过公司当时扣除回购账户后总股本的 1.00%；以大宗交易的方式减持公司股份 不超过 3,029,976 股，不超过公司当时扣 ...

Core Viewpoint - On January 21, Inno Laser executed a block trade of 934,200 shares at a transaction value of 44.9636 million yuan, representing 5.28% of the total trading volume for the day, with a transaction price of 48.13 yuan, reflecting a discount of 21.94% compared to the market closing price of 61.66 yuan [1]. Group 1: Transaction Details - The block trade involved a total of 934,200 shares of Inno Laser, with a transaction price set at 48.13 yuan per share [1]. - The total transaction amount for the block trade was 44.9636 million yuan [1]. - The transaction price represented a significant discount of 21.94% from the market closing price of 61.66 yuan on the same day [1]. Group 2: Trading Volume and Participants - The trading volume for the block trade was 620,000 shares, with various brokerage firms involved, including Gengxing Securities and Minmetals Securities [2]. - Notable transactions included 40,000 shares executed by Huatai Securities and 23,970 shares by Yintai Haitong Securities [2]. - The block trade also included participation from institutional investors, indicating a diverse range of buyers and sellers in the transaction [2].

Core Viewpoint - The company has successfully transitioned from a single downstream sector to multiple application scenarios since its listing, contributing to revenue growth through both new and existing business collaborations [1] Group 1: Business Development - Since 2023, various fields have started to contribute to the company's revenue increment, enhancing overall performance [1] - The company's PCB (Printed Circuit Board) business has shown significant growth, particularly since 2025, with nearly 90 million yuan in orders for PCB forming equipment [1] - The company has also received its first order for ultra-fast laser drilling equipment, indicating expansion in its product offerings [1]

Group 1 - The company emphasizes the implementation of "solid foundation and strong base" requirements to ensure sustainable and healthy development driven by innovation [2] - The company aims to effectively communicate its fundamental narrative and actively convey its value to shareholders, sharing the achievements of the ultra-fast laser industry and the company itself [2]

Core Insights - The company has achieved continuous growth for nine consecutive quarters, driven by a shift from a single downstream focus to multiple application scenarios, with new fields contributing to revenue since 2023 [1][3] - The PCB business has shown significant performance, with nearly 90 million yuan in orders for PCB forming equipment and the first order for ultra-fast laser drilling equipment received [1][4] Group 1: Business Performance - The company's revenue growth is attributed to the collaboration of new and old businesses, particularly in the PCB sector, which has seen substantial order wins since 2025 [1][3] - The PCB forming equipment has gained recognition from strategic customers due to its low loss, high precision, high efficiency, and reliability, leading to the successful delivery of nearly 90 million yuan in orders in 2025 [4] Group 2: Product Development - The ultra-precision drilling equipment was developed based on insights into the trend towards precision in PCB drilling, targeting ABF material IC substrates, with capabilities of 30-70 microns in hole diameter, 10,000 holes per second efficiency, and precision of less than ±10 microns [5] - The company has identified new market opportunities driven by the rapid development of the computing power industry, which has increased demand for new materials and processes in drilling applications [5] Group 3: R&D and Market Strategy - The company employs a forward R&D model based on the interaction of light and materials, optimizing laser technology for various applications through simulation and customization [6][7] - The company emphasizes a solid foundation and innovation-driven development, aiming to effectively communicate its value and share growth results with investors [8]

Core Viewpoint - Inno Laser focuses on the consumer electronics sector, emphasizing "new products, new materials, and new processes" to capture structural growth opportunities amid industry recovery [1] Group 1: Company Strategy - The company is developing laser solutions and devices for acoustic components, microcrystalline glass, foldable screens, WLG lenses, and VC thermal management materials [1]

Core Viewpoint - Inno Laser focuses on the consumer electronics sector, emphasizing "new products, new materials, and new processes" to develop laser solutions for various components, seizing structural growth opportunities amid industry recovery [1] Group 1 - The company is developing laser solutions aimed at acoustic devices, microcrystalline glass, foldable screens, WLG lenses, and VC cooling materials [1] - Inno Laser is strategically positioning itself to capitalize on the structural growth opportunities presented by the recovery in the industry [1]

Core Viewpoint - Inno Laser has successfully secured nearly 90 million yuan in orders for its PCB forming equipment, highlighting its competitive advantages in low loss, high precision, high efficiency, and high reliability [1] Group 1: Product Performance - The PCB forming equipment is expected to deliver nearly 90 million yuan in orders by 2025, showcasing its strong market demand and performance [1] - The ultra-fast laser drilling equipment has received its first order from IC substrate customers, indicating its advanced capabilities in finer hole diameters, faster efficiency, and higher precision [1] Group 2: Market Expansion - The ultra-fast laser drilling equipment is anticipated to expand into new materials and processes within the computing power industry, suggesting potential growth opportunities for the company [1]

Core Viewpoint - Inno Laser emphasizes its capability in developing laser technology through a platform that integrates light sources, optics, control systems, vision, and processes, focusing on the interaction between light and materials for forward research and development [1] Group 1 - The company utilizes simulation analysis to address industry pain points [1] - Inno Laser optimizes combinations or customizes various laser modules [1] - The company aims to achieve the reuse of related technologies across different application scenarios [1]